Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-423"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20081118.33.2-423"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"The limit for mutual assistance to an EU Member State that is not a member of the euro area and that is experiencing balance of payment difficulties or is facing the risk of serious problems as a result of an overall disequilibrium in its balance of payments is currently EUR 12 billion. The examples of Denmark and Hungary show that the consequences of financial crises in some states can be so great that, if such a crisis occurred in a larger state, then this limit would be too low.
I would therefore like to stress that I do not consider the primary reason for increasing this limit to be either the expansion of the European Union or the greater number of states outside the euro area, as is stated in the explanatory report. We need to be aware that the financial problems in some Member States are mainly the result of inconsistent economic and social policies. These problems are aggravated and made more profound by the financial crisis, thereby creating pressure for increased levels of assistance. Hungary is just a typical example.
I support increasing the limit on medium-term assistance to EUR 25 billion. I also support, however, the opinion of the European Parliament that there is no need to create a special process allowing the Commission to revise this limit outside the usual decision-making procedures. I believe that such an approach will maintain high levels of diligence in the assistance system while also giving sufficient scope for action.
I mention this as Hungary is a textbook example, since its political leadership has been unable to decide on reform and recovery measures for a long time. In the final analysis, the adoption and implementation of such measures could also lessen the impact of the financial crisis in this country and reduce the need for financial assistance from the European Union.
On the other hand, however, I must defend Hungary over the fact that the new rules for financial markets must not allow excessive flow of liquidity from subsidiary banks to parent banks and that a sufficient level of supervision must be maintained over national central banks.
It is true that he who acts in haste may pay twice over, but it is also true that he who takes in haste will not always pay back on time or in full. It is therefore essential for the system to set out clear rules in respect of assistance, based on a regime of recovery measures which covers both schedules and matter-of-fact issues."@en1
|
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples